...totally agree....but maintaining equity value based on cash...

...totally agree....but maintaining equity value based on cash raised last three years should be priority of management, not $20M/year cash compensation packages....

...pointless to be forced to sell a tier 1 project for 1c/$ due to macro conditions i.e.

...management should have used $100M of the cash raised for share-buybacks... they had the opportunity...if you raise at $1.50/share or say $22/shaer (Canada) and macro takes the share down 90%...wouldn't it make sense to use that money raised to maintain the equity value at $22/share?

...the guys that invested at $22/share have lost 90% of their investments due to macro, but the company had $22/share in cash...so macro does not equate to intrinsic value.... only way to fix that is via share-buybacks.... pointless to spend $300M in three years on 250,000 km of holes and to end up with a company with ZERO cash to be taken out for 1c/$ raised....

...when macro changes post fundraising...the company has to adapt and change M.O. until macro is aligned....

...they could have used $200M to get to financial close...use $100M as equity take-out and then have a viable financial close...

..the question I have is how are they going to fund their financial close with 90% equity destruction at this stage....? Only way is to dilute those $22/share shareholders to 1c/$...is that equitable?

I love business...investing...but ethics are most important....balanced quid pro quo....always....

...current situation is just unethical....management team does not care about shareholders....they are destroying equity value with their preposterous cash compensation packages.... they could have used that on maintaining equity value until the macro's have improved...only way to keep the trust of shareholders....

...won't invest in any of the ventures of any of the management team...persona non grata in my eyes....

...my two cents....